Pritzker Realty Group and The Bozzuto Group Form $75M JV to Acquire, Develop MF Properties

Atlanta–Pritzker Realty Group and The Bozzuto Group have formed a joint venture with an initial capital commitment of $75 million.

“Pritzker will provide a vast majority of the equity, we will contribute a significant amount and we will jointly own the properties,” Tom Bozzuto, CEO of The Bozzuto Group, tells MHN. “As we talked to various prospective partners, we realized that we shared a common perspective with the Pritzkers on the future of the market and the style of doing business. We have a history of partnering with financial institutions and companies so it was something we were very comfortable with and it made sense for us.”

The joint entity plans to acquire Class A properties around the country and from a development perspective it will focus on mixed-use transit oriented developments with high-density as well as luxury rentals. The group will seek multifamily development and acquisition opportunities in high-growth locations throughout the Mid-Atlantic and Northeast regions, with specific focus on the greater Washington-Baltimore metropolitan area.

“The proportion of how much we will spend on developments as opposed to acquisitions will depend on the opportunities we see. So it’s all fluid,” says Bozzuto.